April 2023: Ethics
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COVER STORY
Remedies to Avoid the Subtle Influence of Conflicts of Interest in Financial Planning
By Frank C. Bearden, Ph.D., CLU, ChFC
Whether pecuniary or personal, conflicts of interest prevent financial planners from fully serving clients effectively.
PRACTICE MANAGEMENT
Don’t ‘Set It and Forget It’: Four Steps to Auditing Your Processes
By Sarah M. Cain
Few firms plan to be less efficient, but complacency or inertia can have the same result.
FEATURE
The Inflation Reduction Act’s Residential and Vehicle Energy Credits
By Randy Gardner, J.D., L.L.M., CFP®, CPA, RLP, AEP, and Julie Welch, CFP®, CPA/PFS, AEP
The 2022 act included more beneficial tax credits than prior laws, but there are many requirements to claim them.
FPA NEXT GENERATION PLANNER
Featured Article
Seven Ways New Advisers Can Fine-Tune Their Skills to Position Themselves for Success
By Kristen Terpstra
My Career Path
Allen Mueller on Serving Others While Controlling His Schedule
Tips for the NexGen Community
The FPA Community Weighs in on Professional Development
Planning a STUDY GROUP? Check out suggested questions and other resources to make your study group a success!
COLUMNS
Estate Planning
Prenuptial Agreements and How They Affect Estate Planning
By Philip Herzberg, CFP®, CDFA, CTFA, AEP
Planners must consider the terms of a client’s prenup to ensure alignment with the estate plan so the desired recipients get their inheritance.
Fintech
Our Collective Responsibility to Financial Education for the Good of Our Economy
By Dani Fava
Financial planners have a pivotal role to play for public good, and it is our duty to educate consumers for their benefit and the economy as a whole.
Leadership
Leading an Ethical Culture
By Barbara Kay, LPC, RCC, TIPC
Ethical challenges are often complex. Planners don’t have to be perfect, but they must be intentional in their practice.
Marketing
Maximize Testimonials in Your Digital Marketing
By Kalli Fedusenko
The SEC’s marketing rule changes have been in effect since November 2022, but some planners still hesitate to incorporate testimonials in marketing materials.
SPECIAL REPORT
‘I’m Just Bad with Money’: How Self-Fulfilling Prophecy Shapes Financial Behaviors
By Rowena Gillo, LCSW; Lisa Varani, CPA; Blain Pearson, Ph.D., CFP®, AFC; and Megan McCoy, Ph.D., LMFT, AFC, CFT-I
Here are some behavioral strategies, techniques, and interventions that financial planners can use to help clients whose money perceptions are self-defeating.
RESEARCH
The Value of Registered Investment Advisers During the COVID-19 Financial Market Crash—Evidence from 13F Filings and Twitter
By Yuanshan Cheng, Ph.D., CFP®, CFA; Tao Guo, Ph.D., CFP®, CFA; Philip Gibson, Ph.D., CFP®; and Janine Sam, Ph.D., CFP®
Did the frequency and message of tweets have a correlation to RIA performance during the pandemic? This paper looks at how RIAs that didn’t panic sell fared during the market downturn.
Earn one CFP CE® credit by reading this month's Journal and access past exams for additional credits.
CALL FOR PAPERS
At FPA, we value our members of the academic community. The Journal of Financial Planning is once again accepting extended abstracts (1,000 to 1,500 words) of unpublished research to consider for presentation at the FPA Annual Conference in Phoenix, September 27–29, 2023. Learn more HERE.
DEPARTMENTS
STARTING THOUGHTS
An Ethical Profession
By Danielle Andrus
Q&A
Melissa Kemp on Reaching for the Ethics Ceiling
OBSERVER
Efforts to Protect Elders, Improve Financial Capabilities Underway in Financial Services
Stat Bank
JFP ACADEMICS
Upcoming Research
IN CASE YOU MISSED IT
Roth Versus Traditional Account Contributions and Tax Rate Uncertainty
By David S. Hulse, Ph.D.
There is a tradeoff between after-tax accumulation and certainty in the face of increasing or decreasing tax rates. A Roth account’s uncertainty could be higher than a traditional account under the right conditions.
